Calculating the ROI of an Idea: Ideas That Saved Time

Innovation management involves evaluating the Return on Investment (ROI) for an idea. This helps to determine whether a venture should be developed into a project, minimal viable product, or national program. To calculate an idea’s ROI, it is necessary to assess the benefits and costs involved in implementing the idea. This could be in the form of new revenue, cost savings, time saved, or intangible benefits, such as improved morale or creativity. One of the most common solutions in employee open innovation campaigns is an idea that can save time. The calculation of ROI for such an idea can be a simple or comprehensive process, depending on the complexity of the intended project. To collect necessary financial data, it is important to incorporate sub-questions into your open innovation workflow, asking about the potential benefits and costs of an idea. Ultimately, the goal is to quantify both the estimated benefit of the idea and the estimated cost of developing it into a full project or prototype.